OFAC revokes Iran-related licences to effect US withdrawal from JCPOA

US Treasury Building2In light of US President Trump’s decision to withdraw from the JCPOA and to re-impose sanctions on Iran, OFAC has revoked Iran-related General Licences H and I, which were issued in connection with the JCPOA.

OFAC has also amended the Iranian Transactions and Sanctions Regulations in order to narrow the scope of the general licences authorising the importation into the US of, and dealings in, Iranian-origin carpets and foodstuffs, as well as related letters of credit and brokering services, to the wind down of such activities through 6 August 2018. The amended Regulation has also issued 2 new general licences authorising the wind down, through 6 August 2018, of transactions previously authorised under General Licence I, and the wind down, through 4 November 2018, of transactions previously authorised under General Licence H.

In addition, OFAC has updated JCPOA-related FAQs 4.3, 4.4, and 4.5. See OFAC Notice here.

This entry was posted in Iran, USA by Maya Lester QC. Bookmark the permalink.

About Maya Lester QC

Maya Lester QC has a wide ranging practice in public law, European law, competition law, international law, human rights & civil liberties. She has a particular expertise in sanctions. As the most recent (2016) Chambers & Partners directory put it, she "owns the world of sanctions". She spent 2011-12 in New York at Columbia Law School lecturing and writing on sanctions. She represents and advises hundreds of companies and individuals before the European and English courts and has acted in most of the leading cases, including Kadi, Tay Za, Central Bank of Iran, NITC and IRISL.

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